Gear Oil Market - Global Trends, Industry Estimates and Forecasts

Become an expert in the Gear Oil Market. Find out how the industry is expected to look in the coming years - including production, consumption, and forecasts.

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Gear Oil Market Overview

The global gear oil market is estimated to be worth $16.5 billion by 2024, with a CAGR of 7.8% between 2016 and 2024. The market is forecast to grow at a slower rate in North America, Asia Pacific and Europe, while it is expected to grow faster in Latin America.

Get the latest insights on global gear oil trends from industry experts with our quarterly market report. This report provides you with vital information on the key drivers of the gear oil market including technological advancements, product mix changes, environmental concerns, and cost fluctuations. Get a snapshot of key regional markets along with industry-specific forecasts for each region.

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Our latest report also includes an exhaustive vendor landscape analysis that covers major players in the gear oil market. This analysis includes company profile, product portfolio, recent developments, and key alliances/partnerships. We have also included a detailed competitive landscape section that profiles leading players in the global gear oil market.

Gear Oil Market Trends

The global gear oil market is expected to reach USD 6.5 billion by 2024. This growth is attributed to the increasing popularity of diesel engines and the corresponding need for higher-quality gear oils. Among the regions forecast to experience the highest growth in the gear oil market are Asia Pacific, North America, and Europe.

Some of the key factors driving this market growth include growing demand from heavy commercial vehicles (HCVs) and medium- and heavy-duty trucks, as well as increased production of electric vehicles. In addition, stringent emissions regulations are prompting OEMs to shift their focus from synthetic oils to gear oils made from natural resources such as soybean oil and rapeseed oil.

Among the key manufacturers in the gear oil market are Shell (UK), Pertamina (Indonesia), Chevron (USA), and Total SA (France). The major players in this market are expected to focus on expanding their product portfolios, strengthening their positions in key geographies, and expanding their customer base.

Gear Oil Market Share, Industry Revenue, and Forecasts

The demand for gear oils is mainly attributed to the increasing popularity of diesel and gasoline vehicles. Growing industrial sectors such as the auto, food and chemical industries are also fuelling the demand for gear oils. The market is segmented on the basis of type, application and region. Gear oils are commonly divided into two main types- petroleum-based and synthetic. Petroleum-based gear oils are mainly used in diesel engines, whereas synthetic gear oils are more popular for gasoline engines. The market is further segmented into regional regions such as North America, Asia Pacific, Europe and South America.

High growth prospects are attributed to the increasing demand for diesel and gasoline vehicles across various industrial sectors. The market is also expected to benefit from an increase in investment in new manufacturing plants that will use more synthetic gear oils. There are several key players operating in the gear oil market including BP plc, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell plc and Total SA. Some of these companies are

Gear Oil Industry Comparisons

The global gear oil market is expected to grow at a CAGR of 5.4% during the period 2016-2021. The proliferation of new and advanced engine designs is expected to drive the growth of the gear oil market. The increase in demand for high performance engines and the resultant increase in the demand for gear oil is also one major factor contributing to the growth of the gear oil market. However, increasing cost of oil and stringent emission norms are some key restraints that are hampering the growth of the gear oil market.

Gear Oil Market Size, Segmentation, Shares, Growth Rate and Outlook

The market is segmented into automotive, industrial, and agriculture & forestry applications.

The automotive industry leads the market with a share of more than two-thirds. The industrial segment is anticipated to grow at a higher rate than the automotive segment owing to the increasing demand for high performance diesel and gasoline engines. The agricultural & forestry application is anticipated to witness the highest growth rate due to the rising mechanization in this sector.

Some of the key drivers for the market are rising demand from the automotive industry for fuel efficient vehicles, growing awareness about environmental hazards associated with traditional lubricants, growth in industries such as mining and construction, and increasing focus on safety standards by various regulatory bodies.

Some of the key challenges faced by the market include limited availability of suitable oils across various segments owing to stringent safety norms, fluctuating prices of crude oil, and increase in dependency on recycled oils.

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Mr. Aashish Mehra
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